Automatic stock quotation board



ch2 194 10 c. SMITH K 2,236,077

AUTOMATiC STOCK QUOTATION BOARD Filed May 29, 1930 l3 Sheets-Sheet l INVENTOR I CLYDE SMITH 5, 1L c. SITIHI AUTOMATIC STOCK QUOTATION BOARD Filed May 29, 1950 15 Sheets-Sheet 2 3 3 34 3'5 253 254 m g 352K,

INVENTOR CLYDE SMITH ATTORNE AUTOMATIC STOCK QUOTATION BOARD Filed May 29, 1930 13 Sheets-Shee1; 3

INVENTOR CLYDE SMITH ATTORNEY 11?? SMITH AUTOMATIC s'rocx QUOTATION BOARD Filed May 29 30 13 Sheets-Sheet 4 CLYDE TH INV OR 25, 1941. v c. SMl TH 2 1 7 AUTOHATIC STOCK QUOTATION BOARD 7 Filed May 29, 1930 g 15 Sheets-Sheet 5 INVENTOR CLYDE SMITH F [6.6 BY

Ai'TORNEY March 25, 1941. c. SMITH 2,236,077

AUTOMATIC srocx QUOTATION Bonn Filed May 29, 1930 15 Shets-Sheet &

INVENTQR CLYDE SMITH ATTORNEY 25, 1941. c. SMITH 3 9 I AUTOMATIC STOCK QUOTATION BOARD I Filed May 29, 1930 13 Sheets-sheet "r ENVIENTOR cum sum-n ATTORNEY March 1941- c. SMITH ,236,077

AUTOHATIC STOCK QUOTATION BOARD Filed May 29, 1930 1.3 Sheets-Sheet 8 March 25,1941. c. SMITH ,236,077

AUTOMATIC STOCK QUOTATION BOARD Filed May 29, 1930 13 Sheets-Sheet 9 FIG. IO m 1 INVENTOR cum: sunu C. SMITH AUTOMATIC STOCK QUOTATION BOARD Filed May 29, 1930 13 Sheets-Shet 10 INVENTOR CLYDE SMITH ATTORNEY March 25, 1941. Q SMHTH 2,236,077

AUTOMATIC srocx QUOTATION BOARD Filed May 29, 1930' 13 Sheets-Sheet 11 INVENTOR C LY DE SMITH Bar-? ATTQRN EY March 25, 1941. c. SMITH 2,236,077

AUTOMATIC SIOCK QUOTATION BOARD Filed May 29, .1930 13 Sheets-Sheet l2 F1614 B 160i] mm are DIVISION STOCK CLOSE "63 I162 ll6l use 3 OPEN use I158 I157 use 1 HIGH I155 H54 H53 H52 LOW us: I150 I149 I148 QUANTITY I141 H46 1145 LAST n4 H43. H42 H41 3 I602 jmusm A I30! l3 I3I6 INVENTOIR CLYDE SMITH March 25, 1941.

Filed May 29, 1930 (3. SMITH AWOMATIC STOCK QUOTATIOH BOARD FIG. MA

13 Sheets-Sheet l3 F'ICTJEJ.

FIG 7 FIG. [48 FIG. a FIG. 4 FIG.5 FIG. 6 FIG. 1

FIG.& FIG. I3

F|G.B FIG. 9 FIG. [0 FIG. FIGJIE INVENTOR CLYDE SMITH BY B ATTORNE Patented M... 25, 1941 UNITED, STATES PATENT ms AUTOMATIC STOCK QUOTATION BOARD Delaware Application May 29, 1930, Serial No. 457,337

3 Claims.

The present invention relates to stock quotation boards and especially to such boards for use with an extensive network of signalling circuits. The invention comprises a plurality of assemblies of indicating dials or drums, each such assembly being assigned by code designation to a given commodity. The dials of each assembly are arranged in due order and are capable of being separately rotated to display different numerals, such display being controlled from a near or distant automatic telegraph transmitter or equivalent impulse transmitting device. The numeral display is changed in accordance with the changes in price or quantity or both, of a commodity, through the transmission of electrical impulses corresponding to each new numeral in the new price or quantity, together with certain additional impulses for nominating, or predetermining, which of the dials of the indicating assembly are to be affected. Each of the numeral displays of an assembly may include high, low, open and previous close prices, either of which may be changed simultaneously with the last price display.

One of the features of the system is the method of nominating, or predetermining, by the use of switching mechanisms, which operation may be required for a given quotation, so that the only impulses necessary subsequently are those to effect the specific operations nominated. This effects a considerable reduction in transmission or line time, since the change from an old to a new numeral display is accomplished without return to zero and without driving the dials of a registering assembly up from zero through units and tens, and without use, either mental or automatic, of the arithmetical difference.

The method of nominating will be described by the use of an illustrative example. For regis- 40 tering a series of sales as IT.33.67 .12.%.%, Where IT represents the code designation of the stock, 33 represents the quantity of shares sold in hundreds, 67 the full price, 12 the quantity in hundreds of a second sale, the new fraction of the price associated with the new sale of 1200 shares, the full price being 67%, and the new fraction associated with a third sale the quantity of which is not given, by use of the present system two nominating operations are 50 required for the display of a quotation; while the number of selecting operations required is determined by the two nominating functions. Thus for the first quotation above, namely 11133.67 /2, there will be required two nominating operations, two stock selecting operations, two

. in each system nine groups of impulses.

quantity selecting operations and three price selecting operations. The next subsequent sale (12%) will require two nominating operations, two quantity selecting operations and one price selecting operation, while the third sale will require twonominating operations and one price selecting operation. Each nominating or selecting operation requires a group of received impulses. In my co-pending application for an Automatic stock quotation board, Serial Number 19 398,634, filed October 10, 1929, Patent No. 2,151,994, dated March 28, 1939, it was shown that for a quotation such as that illustrated above (IT.33.67 /g.12.%. 3) the number of groups of impulses required would be 17. 1.

Although it is true then that the number of groups of impulses required for a like quotation is the same for the present and the earlier system still thepresent system saves a considerable 20 amount of line time over the older system. In the earlier system referred to each group of impulses is composed of eight separate impulses the first two of which are employed to perform a nominating function. In the present system each group of impulses is composed of but six 1 separate impulses, and the first two groups of impulses effect the nominating function. Since for the same quotation the same number of groups of impulses is required in both systems the total number of single impulses is considerably less in the present onein the ratio of 8 for the earlier to 6 for the present system. There is then a saving in line time of 25% due to the reduction in the number of impulses per group. To show this in a more concrete man ner consider the quotation IT.33.67 requiring By the earlier system this would mean 9x8 or 72 separate impulses, in the present system this number is reduced to 9 6 or 54 impulses. Now each impulse to be equal in effect must be equal in time. Assuming each impulse to be sec. in length, in the earlier system the illustrative quotation would have required sec. X 72 or 2.4 seconds while in the present case it would require only & sec. X 54 or 1.8 seconds.

,In addition the earlier system required both polarities of battery in order to perform the nominating function whereas the present system requires one pole of line battery only and operates on the common make and break single polarity signal usual with start-stop systerns.

Another feature of the present system is the switching arrangement by which circuits are transferred from one group of registering dial assemblies to another in such a manner that a display of price or quantity of a frequently quoted stock is effected through transmission of a lesser number of impulses than would be required in the case of a similar display for a less frequently quoted stock.

An object of the invention is to provide a complete display on registers or drums, of current prices and quantities of sales of stocks, grain, cotton and other commodities traded in at an exchange or market, as such prices and quantities are transmitted from moment to moment throughout the market day, together with auxiliary information in connection with such stocks or commodities as the opening, previous closing, low and high prices in the record.

Another object of the invention is the reduction of the number of received impulses required for a given quotation, to a minimum and the provision of means to cause any portion of the board mechanism not required for a particular quotation to be non-operative during the setting up of that quotation.

Another object of the invention resides in the provision for nominating or predetermining, according to the first received groups of impulses, which of certain indications are to be subsequently changed on the board, and, in accordance with subsequently received groups of impulses, determining what change shall take place in the indications nominated.

Again, an object of the invention resides in the provision of means for determining during reception of the first groups of impulses, which group of stocks is to be afiected and, during reception of subsequent groups of impulses, selecting a definite stock from such predetermined group.

Still another object resides in the means for eliminating any motion of the indicating dials, or drums, other than that required for the actual quotation to be displayed.

Briefly the invention consists of a receiving distributor of the start-stop type, code selectors of a well-known type, dial switches, impulse, storage, translation, and control relays, indicator dials or drums, and the necessary power transmission source and power transmission means, arranged as hereinafter described, to accomplish the various objects mentioned above. In the drawings:

Figure 1 shows a system of impulse reception of a well known type used for reception of impulses from the line and transmission to the board mechanisms.

Figure 2 shows the nominating control and storage relays controlled by the system of Figure 1.

Figure 3 shows the code selective apparatus for receiving impulses from the relay system of Fig. 2 and controlling the transmission of the resulting effects to the nominating dial switches of Fig. 4.

Figure 4 shows the nominating dial switches, the positions of which are controlled by effects from the code selector apparatus of Fig. 3.

Figures 5, 6 and 7 show ten translation control relays and their associated recording relays. These translation control relays operate or remain non-operative according to the position of the nominating switches of Fig. 4, which control them.

Figure 8 shows code setting apparatus similar to that of Figure 3, controlled from the relays of Figure 5 and adapted to serve jointly with the equipment of Figures 9 and 10 for carrying out operations on display drums of Figures 12 and 13. Also shown in Figure 8 are switches for the purpose of transferring certain circuit effects from one group of indicator dials or drums to another.

Figures 9 and 10 show stock, shelf, quantity, and price selector switches, similar to the switches of Figure 4. These are used in connection with the apparatus of Figure 8 to select a definite stock display space from the entire number on the board, and to select a shelf within that space and quantity and price dials.

Figure 11 shows code selective apparatus similar to that of Figure 3 whereby circuit effects from the relay systems of Figures 6 and 7 are coordinated with the equipment of Figures 9 and 10 to carry out operations on the display devices of Figures 12 and 13.

Figures 12 and 13 show indicator devices which are acted upon by the devices of Figs. 6, '7, 8, 9, l0 and 11 to establish the desired indication on the board.

Figure 14A shows a front elevation of a typical board.

Figure 1413 shows an enlarged view of one section of such a board.

Figure 15 is a diagrammatic view of the arrangement of Figs, 114.

The system illustrated in the drawings corresponds with the apparatus and arrangement at a single point or location; a description of this should be sufiicient to convey a clear understanding of the system and also the manner in which a plurality of difierent stations may be connected for simultaneous control from a single transmitting point.

The four unit code selection basis will be employed to illustrate the principles of the present system; it will be obvious, however, that the circuits and equipment may be arranged for control under a five unit code basis. With the four unit code the capacity of the board is 255 stocks; by the use of the five unit code the selective capacity would be increased to 1023 stocks or commodities. The method of deriving these capacities will appear later.

For the line circuit of this system a distributor of the well known start-stop type is preferably employed although a multiplex distributor might readily be substituted. With the four unit basis there are six impulse intervals for each cycle, the distributors being so arranged that four selective or signalling impulse segments are present between the first or start impulse segment and the last or stop impulse segment of the distributor.

In Figure 1 is shown only so much of a receiving start-stop distributor and line equipment as is necessary to a clear explanation of the present system. The transmitting distributor, which is omitted from Fig. 1, may be of any well-known type, such as the start-stop transmitting distributor disclosed at A, Fig. 304, on page 301 of Printing Telegraph Systems and Mechanisms by H. H. Harrison. Applicants transmitting dis-- tributor has only four segments, as a four-unit code is used with the present system, but it is evident that any one skilled in the art could arrange the transmitting distributor shown in this figure, for the purpose of transmitting fourunit signals. Furthermore, reference to the illustration mentioned will show clearly the relation between the transmitting distributor at the distant station and the receiving distributor shown in Fig. 1 The receiving distributor comprises a start segment i; selective segments l2, I3 and I4; stop segment l; contactor or brush arm it; contactor ring ll; a shaft 20 driven by a motor (not shown) for rotating the arm I6 and also the cam 2|, which controls off-normal contacts 22. Ground potential is applied to ring I! through the contacts 24 of relay 23, which relay is responsive to impulses received over line L. The armature I9 of the start magnet I8 restrains the arm It from rotationuntil reception of a start impulse from the line L.

In describing this system, let an instant be assumed corresponding with a moment immediately following the reception and display of a previous quotation. Relay 20! (Fig. '7) will have just released to apply ground potential over its normal contacts B, conductor 202 and the left hand winding of relay 3| (Fig. 2) to a source of current which has here been shown for convenience as the conventional grounded battery. Response of relay 3| connects ground potential over its left hand contacts A to energize a relay 4| (Fig. 2) over a path through the right hand winding of that relay to battery. Ground potential over contact C of relay 3| and the left hand winding of relay 32 energizes the latter relay. Contacts 0 of relay 4| complete a path through the left hand winding of relay 42 which operates. Contacts B of relay 32 connect ground to energize relay 49 (Fig. 2) which is the first of a series or chain of guard relays 49 (Fig. 2), 59 (Fig. 5), 229 (Fig. 6), 249 (Fig. 6) and 20| (Fig. 7) each of which supplies ground potential to successive ones of the chain of relays in a higher order of operation. Response of relay 20l transfers ground potential from conductor 202 to conductor 203, thus energizing relays 204 and 205 (Fig. 6) connected in parallel. Ground potential over contact spring A of off-normal contacts 22 (Fig. 1) to bus conductor 25 provides for retaining relay 3| operative through its contacts B and right hand winding, While a corresponding path from bus conductor 25 prepares for retaining relay 4| over its locking contacts B as will be presently necessary. The circuits are now in their norm-ally operated condition under which relays 3|, 32, 4|, 42, 49, 69, 229, 249, 2(ll, 204 and 205 stand operative. This condition is in preparation for reception and translation of signal impulses to effect a stock quotation or other display. The purpose of placing these relays in the position mentioned will appear during the following description.

Of the 255 stock selections possible, 225 are designated as double letter stocks, as single letter odd and 15 as single letter even. The double letter stocks require the transmission, for a similar display, of one group of signal impulses in addition to the number required for a single letter stock.

Let it now be assumed that a quotation for one of the double letter stocks is to be displayed and that the display desired is such as to require the reception of the first signal impulse of each group. As will later develop the required number of cycles of the distributor for the particular combination will be twelve.

Upon the reception (of the start impulse the start magnet l8 releases the distributor brush arm l6 and shaft 20. Immediately contact springs A and B of the off-normal contacts 22 are operated by the cam 2| thus transferring ground potential from bus conductor 25 to bus conductor 26. Due to disconnection of the left hand winding of nominating control relay 3| under the operated position of relay (Fig. 7), relay 3| releases upon the opening of contact spring A of oil-normal contacts 22, its contact D connecting ground potential over contacts D of relay 32 to energize relays 33 and 38 over parallel paths. Ground potential over bus conductor 26 and contacts C of relay 32 retain this relay energized following disconnection of its left hand winding due to release of relay 3|. Ground potential over a path through contacts 13 of relay 38 energizes a relay 39 which in turn connects ground potential over its outer make contacts B to energize relay 40. Due to operation of relay 33 four .bus conductors 21, 28, 29 and 30 from segments |2, l3, M of the distributor now stand connected through contacts D, C, B and A respectively of relay 33 to a group of nominating storage relays 34, 35, 36, and 31.

Arrival of the first selective impulse over the line will result in ground potential .being connected to contactor ring H at the instant the brush arm It has bridged to segment Thus relay 34 will operate due to the closed path from ring IT to battery through its winding. Immediately relay 34 looks in its operated position due to a ground placed on its locking contact A from contact 0 of relay 38, which substitutes for the momentary ground from the distributor segment.

Under the present quotation requiring only the first impulse of each signalling group no effects are had while brush arm I6 sweeps over segments |2, I3 and M to arrive at segment l5, at which time a stop impulse or interval will serve to bring the brush arm .to rest in the position shown in Fig. 1. Response of oil-normal contacts 22 transfers ground from bus conductor 26 back to bus conductor 25. This permits release of relay 32 and, in turn, release of relay 33; also disconnection of the right hand winding of relay 38. The release of relay 33 disconnects the four distributor conductors 21, 28, 29, 30 from the first group of storage relays 34 through 31 and (also places a ground on its own contact E for use as presently will be described. As indicated by the usual convention in the drawing, relay 38 is of the slow-to-release type and therefore retains its armature despite the removal of ground from its winding when contact D of relay 32 opened. As will presently appear, energy is again appliedthis time through the left hand winding-to relay 38 before it has released. Ground potential over bus conductor and the locking contact B and right hand winding of relay 4|, previously operated, retains that relay in its operated position following the disconnection of its left hand winding under release of relay 32. In turn, relay 42 locks up through its own left hand Winding and contact C of relay 4 I. In its released po sition cont-acts E of relay 33 complete a path over contacts D of relay 38, contacts B of relay 34 and conductor I34 to energize a code setting magnet (Fig. 3). This operation corresponds to the single signal impulse received over the line and, since no impulses were stored on relays 35, 36 or 31 (Fig. 2), this action serves alone for setting the selective elements of a code disc selective assembly 305130 308.

The code setting mechanism may be of the well known Creed type disclosed in U. S. Patent No. 1,639,213 and, therefore, only such parts as are necessary to this description are shown. For the sake of clarity the parts have been shown in a detached arrangement, it being understood, however, that the 'parts with other necessary elemen-ts may be assembled to form a compact and rugged unitary structure.

The code setting unit is arranged on the well known four unit basis corresponding with like capacity of the distributor (Figure 1) as indicated by its four selective segments 11, 12, 13 and 14, and also the capacity of the impulse storing relay groups 34 to 31, 44 to 4'1 etc. As shown in Fig. 3 at A four code discs 395, 396, 391 and 398 are provided with central bores which permit them freely to encircle a shaft which serves as a common bearing to allow the discs respectively to be rocked by magnets 391 to 384 suitably linked thereto as shown. The peripheries of the discs are predeterminately notched in a manner to provide a zero or normal position and selectable points for an arm 399 fixed to be rotated by the shaft 316. Transverse members 319, 311, 312 etc. are so arranged that they may come in the path of the arm 399 when the slots under them are brought into alignment. Ihe entire assembly is fixed independently of the shaft 316 so that engagement of arm 399 with the zero stop pin 319 or any other of the pins 311, 312, 3i3, etc. will retain the shaft 316 stationary against its tendency to rotate under couple of a slip clutch 311 connected to a continuously operated system of shafting. Movement of code disc 395 will lift zero stop pin 319 from the path of arm 399 while aligning the first series of slots to permit code pin 31 1 to enter therein and thus be brought into the path of the arm 399. Any code setting may continue effective until the discs have been re tracted to normal by reverse movement of the armature of the respective code setting magnet. In order to effect this resetting respective magnets 421, 422, 423 and 424 have been provided.

Continuing the description of the selective operations, attention will be returned to the mo ment at which energization of magnet 391 (Fig. 3) took place in shifting code disc 385 to cause removal of the zero pin or bar 319 from the path of arm 399, while at the same time providing register of the discs so that code pin 31 I may fall within the path of this arm. The shaft 316 coupled over the slip clutch 31'1, gear 319 and shaft 319 driven by motor 329, may therefore rotate clockwise until the arm 399 encounters the code pin 311 thereby effecting cessation of rotation. A gear 322', shaft 323 and gear 324 couple shaft 316 synchronously to drive shaft 325 to which are fixed the radial contactor arms of a plurality of multi-point nominating dial switches 331 through 349 (Fig. 4). Thus the code pins of the code setting devices determine on which respective segments the contactor arms. of switches 331 through 349 shall come to rest. In the present assumed instance the contactor arms will stop on the respective first segments of the switches 331 to 349. The toothed wheel 321 (Fig. 3) fixed to rotate with the shaft 316 is adapted to intermittently close contacts 328 applying ground over conductor 329 and the locking contacts E and left hand winding of relay 38 (Fig. 2) for retaining the latter relay in its operated position. Thus when shaft 316 comes to rest contacts 328 open and permit release of relay 33. Pending the reception of additional impulses from the line, the devices of Fig. 3 continue in the position just described.

Attention will now be returned to the distributor (Fig. 1) which is at rest following its first revolution; an instant corresponding with the arrival of the second group of impulses for the quotation will be considered. Under the release and rotation of shaft 29 the off-normal contacts 22 transfer ground from looking bus conductor 25 to holding bus conductor 26. This permits release of nominating control relay 41 (Fig. 2) while bus conductor 26 supplies ground for retaining relay 42 (Fig. 2) under its self-locking circuit, composed of contact B and its right hand winding, following disconnection of its left hand winding due to release of its mate relay 41. Thereupon, the normal grounding contact D of relay 41 effects response of parallel connected relays 43 and 48 (Fig. 2; relay 39 being actuated in response to the operation of relay 48). Relay 43 connects the four bus conductors 2'139 of the distributor to the second group of four nominating storage relays 44-4'1. Thus on reception of an impulse over the line, a circuit will be closed by the distributor to effect response of relay 44. Relay 44 is then locked in its operated position by a substitution of ground potential, over its contacts A and the grounding contacts B of relay 48, for the momentary ground from the distributor. Following the single selective impulse, the distributor continues without further effect to its stop position where off-normal contacts again transfer ground to bus conductor 25 from bus 26, thus disconnecting relay 42 and in turn relays 43, 48 and 39. A circuit over contacts E of relay 43, contacts C of slow-to-release relay 48, contacts B of relay 44 and conductor 144 effects response of code setting magnet 341 (Fig. 3). The equipment 341 to 348 corresponds to the equipment 391 to 398 which has already been described. Response of magnet 341 effects retraction of member 3.59 to release arm 349 while interposing a member 351 to intercept this arm. The arm 349 is fixed to rotate with a shaft 356 driven by slip clutch 351. Shaft 356 and gears 359 drive shaft 369 which carriesgears 361, 362 and 363 for simultaneous drive of respective shafts 364, 365 and 366. The latter shafts carry contactor arms of ten nominating dial switches 311 through 389 for shaft 364, 381 through 399 for shaft 365 and 391 through 499 for shaft 366 (Fig. 4). Under the present assumed rotation of the shafts, the contactor arms of switches 3'11 through 499 will all be positioned and brought to rest on the respective first contact segments of these switches. For this setting only the ten switches 311 through 339 will be effective as the contactor arms of these switches only are connected to the first contact points of the ten switches 331 through 349. Under rotation of shaft 356, an associated toothed wheel 36'1 applies ground potential over contacts 363, conductor 369 and the locking contact D and left hand winding of relay 48 (Fig. 2') to retain the latter relay in locked position.

Relay 38, having already released, effected release of relay 34 while relay 48 finally released and disconnected relay 44, after shaft 356 had come to rest. Although relay 39 is thus disconnected at the grounding contacts B of relays 38 and 48, retention of its armature under slow-torelease characteristics permits momentary closure of ground potential over a series path composed of contact A of relay 38, contact A of relay 48, contact C of relay 39 and a conductor '19 connected common to the contactor arms of the ten nominating dial switches 331 through 349. Since the first contact on each of the latter ten switches is connected over conductors 491 to 419 respectively to the contactor arms of nominating dial switches 3'11 through 389, ground potential from conductor '19 is thus branched over a group of ten conductors 411 to 429 connected from the first contact points of the switches 31! through 300. Current over these conductors energizes ten translation control relays 5|, 6!, 1! (Fig. 5), 22!, 23!, 24! (Fig. 6), 25!, 26!, 21!, 28! (Fig. 7). Following response of the latter relays their locking contacts B or E close respective holding circuits over bus conductor 25 and off-normal contacts 22 of the distributor (Fig. l). Circuits are thus prepared for the reception of the remaining ten groups of impulse intervals which reception will presently be described.

It will be seen from the manner in which the nominating dial switches of Figure 4 are wired that the positions of the contactor arms of these switches determine how many and which ones of the ten translation control relays operate. These translation control relays arrange circuits to definite indicator dial controls and thus determine exactly what changes may subsequently take place on the board but do not in any manner determine the value of such change. In order that the description of the operation of the board mechanisms during the remaining ten cycyles of reception of the assumed quotation may be more clear a brief description of the functions of these various relays will be given at this time. Relays 5! and 6! determine, in combination, whether selections subsequently to be received shall be effective on the single letter odd, single letter even or double letter group of indicaters.

Relay l! determines if there is to be a shelf selection; that is whether there is to be a change in the position of the indicators associated with either the High, Low, Open or Previous close quotations. If the selection of the first two cycles have been such that this relay has been operated one of the shelves will be selected and a change on that shelf will occur.

Relays 22!, 23! and 24! control respectively the ten thousands, thousands and hundreds dials of the quantity shelf and determine whether or not there is to be a change in the indications given by these dials.

Relays 25!, 25!, 2'!! and 28! determine, respectively, if changes are to be made in the hundreds, tens, units or fractions place of the last price indication. The precise manner in which the foregoing relays control these operations will appear as the description of the reception of the assumed quotation is continued.

Following the operation of the ten translation control relays as described, slow-to-release relay 30 finally restores to transfer ground from the bus lead 10 to a path by way of the contacts of relay 40, retained under its sloW-to-release characteristics following its disconnection due to release of relay 39, and a conductor 19 to energize parallel connected release magnets 42! to 324 and 43! to 434 (Fig. 3).

This effects retraction of code pins 3!! and 35! and also the positioning of zero pins 3!0 and 350 in the paths of arms 309 and 349 respectively. The resulting rotation of shafts 3l6, 325, 356, 334, 355 and 333 brings the code devices 305 to 308 and 345 to 348 to normal or zero while nominating switches 33! to 340 and 31! to 400 will also be advanced to their normal position. Thus all the devices of Figs. 3 and 4 are left inert in their normal positions.

Other effects set up by the response of the translation control relays 5!, 6!, 1!, 22!, 23!, 24!, 25l, 25!, 2'!! and 20! are the .closing of circuits to energize the respective mate relays 52, 62, I2, 222, 232, 242, 252,262, 212 an'd'282. Guard relay 69 will now be retained jointly by relays 52 and 62 by means of the two parallel paths from ground, one over contacts B of relay 52 and the other over contacts A of relay 52, The interrelation of the control of the pairs of relays 5! and 52, 6! and 62 etc., substantially correspond with the inter-relation of the controls of the first two pairs of relays 3! and 32, 4! and 42, and as the latter controls have already been described, it will be unnecessary to further consider these specific features.

At the time the translation control relays respond ground potential over contact B of relay 5!, contact A of relay 5!! and conductor I59 is applied to the four parallel release magnets 12! through 124 of the code setting mechanism of Fig. 8. A similar circuit established through contact B of relay contact B of relay 50, and conductor !60 energize parallel connected release magnets 13! through 134. This energization of the two groups of release magnets insures that the code setting devices and the associated selector dial switches 83! to 889 (Figures 9 and 10) will be found at their respective zero or normal positions when the impulses of the assumed quotation arrive for translation.

Upon arrival of the start impulse of the third group of impulses the transfer of ground from conductor 25 to conductor 23, due to the closing of the off-normal contacts 22, results in release of relay which release causes ground to be applied through contact G of relay 5! and contact D of relay 52 to the windings of relays 50, 53, and 58. Thus the contacts of relay 50 open circuits which through 124 and 13! through 134. Operation of relay 53 sets up circuits through its contacts D, C, B, and A respectively, from the distributor bus conductors 21, 28, 29 and 30 to storage relays 54, 55, 56am! 5!. At this time the first selective impulse is received and energizes relay 54 which immediately locks up due to the circuit set up over its own locking contact A and the grounding contact A of relay 58. Since as before the first selective impulse only is received, no fur: ther effects take place until the distributor contactor arm reaches its normal position. When this occurs cam 2! causes off-normal contacts 22 to transfer ground from conductor 26 to conductor 25. This ground transfer opens the looking circuit through contact C of relay 52 and permits that relay to release, which action opens the paths through contact D of relay 52 and the windings of relays 50, 53 and 58. Relay 53 releases; however, relays' 50 and 53 remain operated due to their slow-to-release characteristics. A circuit over the grounding contacts E of relay 53, contacts B of relay 58, contact B of relay 54 and conductor !54 is established and energizationof code setting magnet 50! (Fig. 8) of code units605--308, which are similar to the code units 305 to 308 of Fig. 3A, takes place. Corresponding with the single signal impulse received, zero or normal member 6!!! will be retracted from, and code member 6!! interposed in, the path of arm 609. Arm 509 and with it shaft BIB then advances until stopped by member 6!!. The shaft BIG is stressed for rotation over gear 6!'!, shaft BIB and slip clutch 5E9, which is shown in the drawings as driven by motor 620, (Fig. 11) although it would probably, in practice, be driven by motor 320 (that is all shafts would probably bedriven by one motor). Shaft M0 is connected through gears 523 and 525 (Figs. 9 and t0 drive-respective shafts 624 and 626 to include release magnets 12!...

which are fixed respectively contactor arms of selector dial switches 83! to 839 and 84! to 846. Therefore, under the rotation of the shaft 6l6 as just described, the latter selector switch contactor arms will come to rest on their respective first contact points.

Under the first motion of shaft 6 I 6, a system of off-normal contacts, shown in side view in Fig. 8, formed of normally closed contacts BZI and normally open contacts 622 will be operated to separate the former and close the latter contacts. This closes a path for ground potential from normal contacts of off-normal switch 632 over the contacts 622 to the winding of relay 809. Relay 869 operates and causes its armatures to move to their left hand contacts. A toothed Wheel 627 driven by shaft 6l6, intermittently closes contacts 628, applying ground potential over conductor 629 and locking contacts C and winding of relay 58 (Fig. 5) to retain the latter relay during the period the shaft remains in motion. Therefore, on separation of contacts 628, when the shaft 6l6 comes to rest, relay 58 releases. When contacts A of this relay open ground is removed from relay 54 which also releases. This causes all the relays 5! to 58 to restore.

Upon reception of the fourth group or cycle of selective impulses of the quotation assumed, operation of off-normal contacts 22 due to the start of the distributor, transfers ground from conductor 25 to conductor 26 so that relay 6| releases and closes a circuit through its contact G and contact C of relay 62 to energize relays 63 and 68 and at the same time energize the left hand winding of relay 5!] to operate that relay. In the same manner as was indicated in describing the operation of the previous relay groups, the operation of relay 63 connects the distributor bus conductors to the recording relays. The first selective impulse of the fourth cycle is now received and causes relay 64 to operate and lock. Upon completion of the distributor cycle, cam 2! again permits off-normal contacts 22 to re store to normal thus transferring ground from conductor 26 to conductor 25. This permits release of relay 62 and, in turn, disconnection of relays 56, 63 and 68. Thereupon, ground potential over contacts E of relay 63, contacts B of relay 68 (held under its slow-to-release characteristics) contacts B of relay 64 and conductor IE4 is applied to code setting magnet; 6 (Fig. 8).

Operation of magnet 64! retracts zero pin 650 from and interposes selective pin 65| in the path of arm 649 which is fixed to shaft 656. Shaft 656 is driven by gear 651 which is fixed to a shaft 658 driven from motor 620 through slip clutch 659. Shaft 658 is joined through gears 616, 612, to shafts 6', 613, 615, 671 (Fig. 10) respectively. The contactor arms of selector dial switches 85l to 859, 86| to 669, 8' to 819 and 8!" to 889 are respectively fixed to be rotated by the last four mentioned shafts. In a manner similar to that already described for operation of the other code mechanisms, shaft 656 governs the simultaneous rotation of the contactor arms of selector dial switches 85! to 889 to their respective first contact points. During the latter operation ground potential effected by wheel 66'! over contact 668, conductor 669, locking contacts C and left hand winding of relay 68 retains that relay in its operated position. On completion of the switch setting operation and separation of contacts 668 relay 68 is released and due to the opening of contact A of that relay the recording relays 64 through 61 are released.

Since relays 6|, 62 and 63 have already been released all relays 6| through 68 are now released. Relay 50 is also released at this time but this has no effect as its control circuits were disconnected when relays 5i and 6| restored at different moments during the operations already described. Under the movement of shaft 656, the off-normal contacts Fig. 8) 632 were separated. This disconnected relay 809 which had been energized as already described, in preparation for circuit changes to be provided in the event that the quotation under reception may not have required the cycle of operation for affecting the code setting equipment 645 to 648. Closure of the off-normal contacts 632 is without effect at this time as this control for relay 196 is not required in the present quotation and has been disconnected by separation of contacts 62!.

During the reception of the fourth cycle of impulses, release of relay 62, in addition to carrying out the circuit changes already mentioned also effected final disconnection of chain or guard relay 69. Aside from removing locking ground from the left hand winding of relay H, the release of relay 69 was Without effect as the next chain relay 229 (Fig. 6) continued energized over its left hand winding and the grounding contacts A of relay 12 which is now in its operated position.

The face of the display board, as shown in Fig. 14A, is divided into 255 blocks or spaces marked for convenience of description, l30| to I555. To each one of these spaces a particular stock is assigned. At the side margins of the board the spaces l6! to |6|5 and IBM; to I639 serve for duplicate markings which form headings for transverse rows extending entirely across the board. As shown in Fig. 14B these markings comprise the usual descriptive headings for a stock quotation board and in the present system may be as follows: Division, a relatively perma nent trade designation for a particular stock; Stock, the letter designation for a stock; Close, the price at which a stock closed on the previous day; ()pen, the price at which a stock opened on the current day; High, the highest price quoted for a stock during the current day; Low, the lowest price of a stock for the current day; Quantity, the quantity of stock sold under the transaction of the accompanying quotations, this display being relatively momentary; and Last, the price of the last sale of a particular stock.

In Fig. 143 are shown enlarged views of margin or style space |60l and of stock space 136i, which are typical of the spaces of the board shown in Fig. 14A. In each stock space there are provided six horizontal levels which will be referred to for convenience as shelves. Each of these shelves is divided vertically into four spaces so that in each stock space there may be substantially twenty-four windows or indicating spaces. For each of these windows there is pro vided an indicating or display drum which may be revolved about a vertical axis. The outer or peripheral faces of the drums are provided with characters or numerals for display through the windows. For the spaces Close, Open, High, Low and Last each of the drums for the three windows from the left carries II spaces arranged to present the numerals l, 2, 3, 4, 5, 6, 7, 8, 9, 0 and one blank face while the drums in the right hand space are provided with eight spaces to display numerals 1, 2, 3, 4, 5,6, 7 and one blank. For each of these five shelves, which may be referred to as the price shelves, the right hand space corresponds to fractions, the next space to the left units, the third to tens and the left hand space to hundreds. In stock. quotations the fractions of the price are always ineighths. Therefore, the numerals on the fractions indicating drums correspond with the numerator only, the denominator of the fraction being omitted, and these drums are distinguished from others by using a different color combination. The spaces in. the shelf Quantity serve for the display of the number of shares of stock involved in a transaction when that number is one hundred or more. Therefore, for this indication only three of the spaces are used, the right hand space being left blank. The second space from the right corresponds with hundreds, the third with thousands and the extreme left hand space with tens of thousands. The drums used for quantity indications carry numerals 1 to 9 and zero together with one blank face.

In Figures 12 and 13 there are shown four groups of indicator dials or drums, designated I04I to I063, Hill to I093, II4 I to H63 and IIII to H93, together with the vertical shafts which serve as bearings for them. The shafts are so positioned that the various indicator drums are flush with the board and fit closely into the board face. The drums H4I to H63 and I04I to I063 serve different horizontal levels within one vertical section or bay of the board. Drums I0Il to I093 and IITI to H93 serve two horizontal levels within another vertical section or bays of the board.

For convenience the shafts I2II to I2i3 are shown off-set in the drawings; actually they are to be assembled so that the drums associated with them align with the drums associated with shafts I2I4 to I2I6, also shafts I23I to I233 are to be arranged so that the drums associated therewith align with the drums associated with shafts I234 to I236. In Figure 1413 within space I30! reference characters H4I to H63 have been entered in the respective window spaces to indicate the location of the correspondingly marked display drums of Figure 13.

In association with the display drums, there is provided a system of operating magnets IOH to IOI9 for drums I04I to I063, magnets I03I to I039 for drums I0H to I093, magnets IIII to HI9 for drums H4I to H63 and magnets H3I to H39 for drums [III to H93. In setting a drum for a predetermined display, the associated operating magnet is selected and energized at the same time that the associated common shaft is selected and effected to turn so that a boss or pin thereon may take up the desired position which has been selected. Due to the action of the operating magnet a cam rigidly fixed to the display drum is made to bear on the shaft boss thereby rotating the drum to bring the desired character before the window in the display board. This: drum setting mechanism by which the dials of each group may be set to predetermined positions is disclosed in my application for an Automatic Stock Quotation Display Board, Serial Number 382,286, filed July 30, 1929, Patent No. 2,145,032, January 24, 1939.

Proceeding now with the description from the moment the selector switches 83I to 889 were positioned on their first contact points under the effects described for the third and fourth groups of impulses, the circuits thus chosen corresponding with what is termed a stock selection. In the present instance, this will be, as was indicated, a double letter stock and for convenience of description it will be assumed that the space selected is the one numbered I301 (Figs. 14A and 143).

The remaining eight cycles of impulses of the quotation will determine just what changes will take place within the space I30I where the quotation is to be displayed.

The fifth and next cycle of impulses from the line serves for selecting a certain one of the four shelves Close, Open, High or Low within the space I3Ill. This is for the reason that while the price of each transaction is invariably made to appear on the lower-most shelf labeled Last, it may also be made to appear simultaneously, if required, on either one of the four shelves above the quantity shelf. Whenever a transmission requires the latter appearances, the operation is termed shelf-selection. When the start impulse of the fifth group of impulses is received the distributor brush arm I6 is again released causing oif-normal contacts 22 to transfer ground from conductor 25 to conductor 26. Relay II is released and relay I3 immediately operated thus connecting distributor bus conductors 21, 29, 29, and 30 to recording relays I4, I5, I6 and II respectively. The single selective impulse received over the line causes relay I4 to respond and lock through its left hand winding, contact A, conductor 203 and contact A of operated relay 20I to ground. The distributor revolution being complete ground is transferred from conductor 26 back to conductor 25, which causes relay I2 to release. Relay I3 then also releases. A circuit is now completed from ground over contact E of relay I3, contact B of relay I4, conductor I14, contact B'of relay I00, contact B of relay 000, conductor BIB, contactor arm and first contact segment of selector switch 849, contactor arm and first contact segment of selector switch 969, conductor H09 and winding of operating magnet [H9 to battery. Magnet IH9 is of suitable gang type to simultaneously depress the four drums H to H63, consequently when it responds the four drums are rotated (as disclosed in the above-mentioned co-pending application) to show their blank faces, since at this time the shafts I2H to I2I3 are in their normal positions. Thus the closing price for the previous day will be removed slightly in advance of recording the closing price for the current day, which record ing will shortly be described.

The sixth, seventh and eighth groups of impulses control indicators on the Quantity shelf in the selected stock space I30I as will now be described.

Upon reception of the start impulse the offnormal contacts 22 of the distributor cause the release of relay HI, and the resultant operation of relay 223. The first selective impulse of the sixth group then causes relay 224 to lock through its'winding, and locking contacts A, conductor 203 and contact A of relay 20I. Subsequently, when the off-normal contacts 22 remove ground from conductor 26, mate relay 222 releases, causing relay 223 to release. Ground potential over contact E of relay 223 is applied to contacts B and C of relay 224. Ground potential over contact B of relay 224 and conductor 524 operates code setting magnet 90I, while ground over contact C of relay 224, conductor 528, contacts K of relaysl00 and 800, conductor BIS, contactor arm 

